How to save Money, Stress and Time when
Transferring Currency
Accessing funds left to you in a will, or other kind of inheritance
currently held abroad, can be a complicated and expensive experience. It’s a
shame, since severe stress and hassle is the last thing you need during what can
be a very emotional time. Most people rely on their bank to
bring back funds
from overseas – but all too often they only add to the problem.
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As any financial expert will tell you, banks offer some of the poorest
exchange rates, and can be stressful to deal with. This expense is often
compounded by bad customer service in addition to the complicated process of
arranging your transfer and having to deal with several staff in different
departments.
But today there is a better alternative to the banks.
At currencytoday.co.uk our impartial experts have scoured the web and utilised industry expertise to bring you trusted currency brokers who can save you time and money.
Which means that where there’s a will, there’s most definitely a simpler way.
Check out our
comparison rates box to find the best deals updated in real-time.
A new way to transfer currency.
As we’ve seen, banks are often the default method people use to bring back money held in accounts overseas. And why not? After all, we trust them
with most of our day-to-day financial transactions. However, the truth is that the banks use this fact to provide uncompetitive exchange rates at the
same time as making the whole process more complex for the customer. All of which can quickly make your inheritance dwindle away.
Using a bank can
be difficult and time consuming. Dealing with automated phone systems and being put on hold to speak to an advisor takes up valuable
time, while visiting a branch can be slow and tricky. And everybody knows the frustration of waiting for a bank assistant during your lunch hour only to
be told they’re not available – or you haven’t brought
the right documents.
Speedy, money-saving service
That’s why we recommend trying out a trusted currency broker to make your transaction. All of the top brokers we feature on the site can promise
better-than-the-bank exchange rates and world-leading customer service.
Currency brokers can also offer:
Truly personal service. While banks shuffle you from person to person, currency brokers provide you with access to your own dedicated point of contact
by phone or email.
Simple transactions. After receiving paperwork from a lawyer linking you to the funds (such as an official letter to satisfy
anti-money
laundering regulations) your currency broker can handle the rest.
Great exchange rates. Where banks offer up to 5% exchange rate margins, a currency broker can offer you less than 1% of the amount and this
is reduced further as the transfer amount increases.
Super-fast and safe payments. Transfers back to your UK bank account will often be done the same day your broker receives the foreign currency.
Easy management. Managing transactions online is secure and simple with a wide range of services including rate alerts and the freedom to
fix the exchange rate before or after your money reaches the broker account. Also, it’s easy to save your bank details for future use.
24/7 online service. Most of our currency brokers provide online access any time of the day so you can check the status of a transfer,
view your transaction history and manage recipients. In some cases you will also be able to book transactions out of normal UK office hours
subject to the currency markets being open and broker trading hours.
Expert advice. Having access to the right advice every step of the way from your very own dedicated currency specialist is invaluable when
dealing with important financial matters overseas.
Free payment confirmations. Your broker can give you the reassurance the money’s on its way back to your UK bank account – at absolutely no extra charge.
Case study: How we helped Janet Rowntree make an emotional transatlantic
transaction as stress-free as possible. When 46-year-old Oxford resident Janet Rowntree found out about her beloved uncle’s death in America, it was only the start of a stressful personal
journey. Her duties saw her fly to the
USA and deal with a stack of paperwork before the lawyer in charge was ready to send her the will settlement of
$150,000 back to the UK. Unfortunately, the lawyer could only make the transfer in dollars – which was a pain since Lloyds, her UK bank, wouldn’t open
a dollar account for a single transaction. This meant the dollars would have to be sent to her sterling account before being converted.
Better than the bank
The big problem with this was that Lloyds couldn’t confirm the exchange rate her dollars would attract – leaving her in the dark on exactly how much she
would receive. Lloyds could offer her an indication though – a not exactly competitive rate of 1.7160. Fed up with her bank, she decided to seek out
alternatives – and soon came across currencytoday.co.uk while researching online. Janet was delighted to hear that by using a dedicated currency
broker she could receive the money into a US dollar client account and they could handle the exchange from there.
After the solicitor arranged the transfer they could then agree an exchange rate beneficial to her, not a bank. She secured the rate with
our experts at
an extremely competitive 1.66 – which saved her £3000 compared to her bank, and resulted in a speedy sterling payment back to her Lloyds account.She was
overjoyed with the hassle- and stress-free service she received. Which meant she could quickly close the book on a sad and unpleasant experience – and
get on with enjoying life again.
Want to follow Jane’s lead? Fill out our contact form to find out how our
currency experts can help you.
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